Martin Lewis MSE names four banks paying you up to £175 to make easy change
Money saving guro Martin Lewis has revealed four bank providers who are offering huge sums of money to switch with them. The process includes other perks such as free hotel stays
Money saving guro Martin Lewis has revealed four bank providers who are offering huge sums of money to switch with them. The process includes other perks such as free hotel staysVideo Loading
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Martin Lewis: How to get free money by switching bank account
Martin Lewis has urged people to consider switching to these bank accounts sooner rather than later.
The money-saving expert has revealed that four banks are offering up to a whopping £175 just to join with them. But there is a catch as some of them could be pulling the plug on the offer soon. Some of the providers even offer benefits including cash back on bills and travel. Other perks include free hotel stays, cinema tickets and more. According to Martin Lewis, changing your bank account is "quick and easy" and only takes a few simple steps.
Martin Lewis has urged people to make the switch quickly (
Image:
ITV)
On the Money Saving Expert website, it states: "To get the free cash, you need to go via the bank's seven-working-day switch service, which moves across your standing orders & Direct Debits for you, closes your old accounts and from that point auto-forwards any payments made to it to your new one. You'll also need to pass a not-too-harsh credit check and most require you to switch 2+ Direct Debits or standing orders across."
These are the four new-customer free cash switch bonuses
First Direct 1st Account: £175
Monthly pay in: Nothing
First Direct has come out on top, alongside one other provider, for the amount of money they offer for the switch. MSE states: "Top free cash, top service and all-rounder, First Direct's been near-top of every customer service poll we've ever run.
"It lets you put up to £300 per month in its linked one-year 7% AER fixed regular saver. Spend on its debit card abroad and you get near-perfect exchange rates." The site added: "To get the free cash: Open via app (online for joint accounts). Pay in a total of £1,000+ and make 5+ debit card payments within 45 days."
For more information visit here.
Nationwide FlexDirect - £175
Monthly pay in: Nothing
Martin Lewis recommends this next account due to its maximum switch amount and interest rate. "Here you get 5% interest for 12 months on current account balances, but only up to £1,500," the website states. "It lets you put £200 per moth in its linked one-year 6.5% AER variable regular saver. To get the free cash: Pay in a total of £1,000+ and spend once on the debit card within 31 days of requesting the switch."
For more information visit here.
Santander Edge - £150
Monthly pay in: £500
Santander has been highlighted as one of the top accounts to currently offer a large sum to switch bank providers. On top of the £500 pay-in, customers can pay an additional £3 per month to get 1% cashback on bills & grocery/travel spending.
The MSE website states: "This is a great account if you pay lots of bills from it, and a good contender for couples who have a joint account for bills. It lets you save up to £4,000 a year in a linked easy-access saver paying 6% AER variable. Yet the big boon is while the account costs £3 per month, it pays two sets of cashback if you use it to pay, each up to £10 per month (so total £20 per month)."
For more information visit here.
TSB Spend & Save - £100
Monthly pay in: Nothing
This final option needs no monthly pay-ins and offers a number of perks including entertainment subscriptions. During the sign-up process, you can choose between a one-night hotel stay, six cinema tickets or a six-month Now Entertainment subscription. It added: "To get the free cash: Switch, then pay £1,500 within 60 days."
The website states: "In total, you'll get £160 after six months, with the free £100, and £10/month cashback. It lets you save up to £250 per month in a linked one-year 6% AER fixed regular saver. To get the free cash & perks: When you switch, you must make 5+ debit card payments and log in to the mobile app. You get the £10 per month in each of the first 6 months that you use the debit card 20+ times."
For more information visit here.